Bush Domestic Economic Policies?

Are the tax cuts too big, or not big enough?
Are the social spending cuts too big, are not big enough?

The White House says their budget proposals are sound because
the large fiscal deficits resulting from lower federal revenues (tax cuts) will allow for greater capital formation and investment. The resultant growth, it is argued, will provide much more profits to collect tax on, thereby rendering the deficits temporary. RIght or wrong?